BAKU, Azerbaijan, October 12. TotalEnergies and global investment firm KKR have signed an agreement to add 700 megawatts (MW) of solar power capacity to their existing 50/50 joint venture in the U.S., bringing its total portfolio to 2.1 gigawatts (GW), TotalEnergies said.
The transaction covers three utility-scale solar projects in Texas and Ohio, which are expected to begin commercial operations by the first quarter of 2027. The portfolio has an enterprise value of $1.2 billion.
Electricity generated by the projects has already been contracted to third parties or will be marketed by TotalEnergies.
TotalEnergies will continue operating the assets following completion of the transaction, which is expected in 2026, subject to customary closing conditions.
The joint venture was established in 2025, when TotalEnergies sold KKR a 50% stake in a 1.4-GW portfolio of solar assets in North America.
As of the end of June 2026, TotalEnergies had more than 37 GW of gross renewable power generation capacity worldwide. The company aims to achieve net electricity production of more than 100 terawatt-hours annually by 2030.
TotalEnergies is a France-based integrated energy company operating in around 120 countries, with businesses spanning oil and gas exploration and production, natural gas, liquefied natural gas (LNG), refining, petrochemicals, renewable energy and electricity. The company employs more than 100,000 people and is expanding its renewable power generation and electricity businesses alongside its traditional energy operations.
KKR is a leading global investment firm that offers alternative asset management as well as capital markets and insurance solutions. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people, and supporting growth in its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit, and real assets and has strategic partners that manage hedge funds. KKR's insurance subsidiaries offer retirement, life, and reinsurance products under the management of Global Atlantic Financial Group.
